iFast Financial takes over failed advisor's insurance arm

iFast Financial takes over failed advisor’s insurance arm | Insurance Business Asia

Insurance News

iFast Financial takes over failed advisor’s insurance arm

MoneyOwl will cease operations by the end of the year

Insurance News

By
Kenneth Araullo

iFast Corporation, a wealth management platform, announced that its Singapore subsidiary, iFast Financial, will assume control of MoneyOwl’s investment and insurance operations.

MoneyOwl, the financial advisory arm of NTUC Enterprise, disclosed its decision to wind down its financial advisory activities, with all commercial operations scheduled to cease by Dec. 31.

A report from The Business Times revealed that this resolution stemmed from a comprehensive review that determined the business’s lack of commercial viability. Consequently, NTUC Enterprise opted to reallocate resources to other areas where it can make a more significant social impact, as explained by MoneyOwl.

MoneyOwl will transfer its investment and insurance functions to iFast Financial as part of the process. It is worth noting that iFast Financial already serves as the current custodian for the investment accounts of MoneyOwl clients.

After the transfer, all current MoneyOwl clients will have digital access to their portfolios through the iFast Global Markets platform, maintaining the same fee structure. Additionally, they will gain access to a roster of over 60 advisors available on the platform.

Clients will be able to continue their transactions on MoneyOwl’s portal until Oct. 24, after which they will be moved to iFast’s portal the next day.

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